Al Maather REIT Fund Quarterly Report
30 June 2023
Page 2 of 7
Quarterly Statement – 30 June 2023
1. Unit price at the end of the quarter and the net asset value of the unit in the fund The fund's quoted unit price as of 30/06/2023 is 9.00 Saudi riyals.
The fund’s net asset value of the unit (Book Value) as of 30/06/2023 is 8.12 Saudi Riyals.
2. Net rental income based on the unit price
Net rental income for the second quarter: 14,585,743 Saudi riyals.
Unit price as of 30/06/2023: 9.00 Saudi riyals.
Net rental income per unit at the unit price (book value)= 2.93%. (for the second Quarter 2023 only) 3. Percentage of total expenses and fees
Maximum expenses*
Annual Maximum
expenses Quarterly The ratio
from Fund’s total assets
Value The value in
SAR Fund’s Operating
Expenses**
Management Fees are calculated on the basis of 0.50% annually of the Fund’s total assets value after deducting the accrued expenses.
0.14% NA 1,023,186
Management fees
A percentage of 0.04% annually from the value of assets according to the last valuation, if their value is between 500 million and 1 billion.
0.01% NA 67,620
Custody fees
100,000 SR
25,000
0.00%
9,000
Board member fees
Annual fees equal to 5% of the total revenue that is actually collected from real estate assets.
0.09% NA 661,395
Property Manager fees
73,000 SR
18,250
0.00%
21,612
Audit fees
300,000 SR
75,000
0.01%
64,682
Valuation fees
-Registration fees 400,000 Saudi riyals annually.
-Annual fee for listing the Fund units: an amount of 0.03% of the market value of the Fund, with a minimum of 50,000 SR and a maximum of 300,000 SR.
175,000 0.02%
141,064
Registration fees
Regulatory fees 7,500 SR annually.
Fees for publishing information on Tadawul website 5,000 SR annually.
3,125 0.00%
3,116
Capital market authority fees
the Fund financing does not exceed 50% of the total value of the Fund's assets, according to the latest audited financial statements.
0.23% NA 1,663,230
Financing
It is expected that these costs will not exceed 1% of the total value of the Fund’s assets annually. In all cases, the actual expenses and fees will only be deducted.
1,816,225 0.01%
100,533
Other fees
- -
0.51%
3,755,438
Total Fund’s operating expenses
Page 3 of 7
Quarterly Statement – 30 June 2023
* Maximum Annual expenses in case it was stated in the funds terms and conditions.
**
The funds operational expenses including the real estate expenses which are not related to investments such as depreciation, amortization of lease contracts, maintenance of real estate and provisions for impairment of the value of real estate investments.
4. Unit Price Performance
5. A list of the names and percentages of real estate in the fund's portfolio
Al-Maather REIT Fund invests in several assets, totaling 15,
Geographically distributed over several vital sectors as follows:
Maximum expenses*
Annual Maximum
expenses Quarterly The ratio
from Fund’s total assets
Value The value
in SAR Fund Operating Expenses
NA 0.59% NA
4,333,529
Depreciation expenses for real estate assets
NA 0.03% NA
200,413
Amortization Expenses for utility contract.
NA 0.03% NA
224,796
Rent Expenses for utility contracts.
NA 0.13% NA
918,696
Operating expenses for real estate
- -
0.78%
5,677,434 Total expenses with depreciation
- -
1.29%
9,432,872 Total expenses and fees
Value Unit Price Performance
SAR 8.60 Unit price as at 31/03/2023 (listed on Tadawul)
SAR 9.00 Unit price as at 30/06/2023 (listed on Tadawul)
4.65%
Percentage change in unit market value (listed on Tadawul)
SAR 0. 40 Change of market value of the unit (listed on Tadawul)
SAR 08. 4 Book Unit price as of 31/03/2023
SAR 8. 12 Book Unit price as of 30/06/2023
0.99%
Percentage change in book unit price
SAR 0.08 Change of book unit price
Page 4 of 7
Quarterly Statement – 30 June 2023
*
Note: As on the date of valuation 31/12/2022.
** in 03/12/1444 The first Sahafa tower property was evacuated by the General Directorate of Medical Services - Ministry of Interior, ongoing work reassessing the implications and Collection of rental value and duration of stay during the past period.
Occupancy ratio Property ratio
from total real estate investments
Property ratio from
total assets
*Property Value ( SAR Million) Coordinates
Type of property
Real estate name
#
83.21%
19.58%
21.58%
158.06
24
° 40 ' 53.2
" N
46°40'03.4"E Office – Commercial
- Housing Genx Al
Maather 1
100.00%
14.34%
15.80%
115.75
24
° 40 ' 55.0
" N
46°41'12.1"E Office –
Healthcare Al Mohammadia
2
0.00%
6.91%
7.62%
55.78
24°47'49.1"N
46°37'59.8"E Office
**Al Sahafa building 1 3
100.00%
6.99%
7.71%
56.45
24°46'48.0"N
46°38'31.1"E Office
Al Sahafa building 2 4
100.00%
8.52%
9.38%
68.74
24
° 40 ' 51.4
" N
46°40'39.2"E Showroom
Al Tkahssusi showrooms 5
81.68%
5.07%
5.59%
40.91
24
° 46 ' 56.2
" N
46°38'56.9"E Hotel
Genx Al Rabie 6
100.00%
2.37%
2.61%
19.11
24°33'48.3"N
46°44'29.8"E Warehouse
Hair warehouses 7
98.82%
6.17%
6.80%
49.79
24°40'31.7"N
46°50'20.6"E Warehouse
Sulai Warehouses 8
100.00%
4.22%
4.65%
34.04
26
° 18 ' 13.4
" N
50°10'31.9"E Hotel
Towlan Hotel Suites 9
100.00%
0.13%
0.14%
1.05
24°45'36.0"N 46°44'25.0"E Retail - Office
Qudus leasehold 10
100.00%
0.27%
0.30%
2.21
24°38'06.8"N 46°34'08.2"E Housing - Retail
Wadi laban leasehold 11
0.00%
0.41%
0.45%
3.30
24°39'38.0"N 46°42'33.4"E Retail - Office
Dabbab leasehold 12
100.00%
4.15%
4.57%
33.46
26
° 04 ' 20.1
" N
44°00'25.3"E Educational
Al Nokhba Educational Schools 13
100.00%
6.48%
7.14%
52.31
24
° 42 ' 27.8
" N
46°49'11.9"E Educational
Al Salam Schools 14
100.00%
14.39%
15.86%
116.13
N 25.3586917716
79574 E 55.4060161276
9858 Health care
Burjeel 15
97.65%
100%
110.20%
807.09
-
- Total
Page 5 of 7
Quarterly Statement – 30 June 2023
6. Total Asset Value
* Total Asset value (at book value)
7. Loan summary
Loan Summary for property acquisition aftercapitalized:
Loan Summary for development:
8. The fund’s assets value
* Fund NAV (at book value)
Total Asset Value As of 30/06/2023
*
732,408,966
Weighted fulfillment
period fulfillment
period Loan
ratio to total Assets Loan ratio
to total debt Payback
date Loan
term withdraw
date Borrowing
amounts Project name
204 1396
3.66%
14.64%
03/09/2024 5
03/09/2019 26,805,228.70
Tolan Hotel Suites
264 1227
5.37%
21.49%
19/02/2025 5
19/02/2020 39,350,266.25
Al Nokhba Educational Schools
333 521
15.97%
63.87%
25/01/2027 5
25/01/2022 116,932,581.67
Burjeel hospital
801 3144
25.00%
183,088,076.62 Total
Weighted fulfillment period fulfillment
period Loan
ratio to total Assets Loan ratio
to total debt Payback
date Loan
term withdraw
date Borrowing
amounts Al Salam Project
776 1026
4.86%
75.66%
07/09/2025 5
07/09/2020 35,582,466.09
1
126 877
0.92%
14.34%
08/01/2026 5
03/02/2021 6,742,962.41
2
86 858
0.64%
10.01%
27/01/2027 5
22/02/2021 4,706,842.49
3
988 2761
6.42%
47,032,270.99 Total
SAR
498,299,804
Net Asset Value as of 30/06/202361,370,000 UNIT
Issued Units
SAR 8.12 Net Unit Value
Page 6 of 7
Quarterly Statement – 30 June 2023
9. Percentage of fund costs to the total value of the fund's assets
10. Any material or significant changes affecting the Fund's work 1- N/A
11. A statement of the profits distributed to the unit owners
Following the announcement for the fund manager published on (27/04/1444 H,) corresponding to (21/11/2022 G) and the fund manager will endeavor to move towards a semi-annual dividend in the coming period. The schedule points the dividends in the period ending 31/12/2022.
Ratio with the impact of the decline in real
estate investments Percentage of fund costs to the total value of the fund's assets
SAR 732,408,966 Total Asset Value as of 30-06-2023
SAR 3,755,438 Total fund’ operating costs for the second quarter of 2023
0.51%
Percentage of fund’s operating costs to the fund's total assets
SAR 5,677,434 Total fund’s non-Operating costs for the second quarter of 2023
0.78%
Percentage of fund’s non-Operating costs to the fund's total assets
SAR
9,432,872
Total Fund’s Costs for the second quarter of 20231.29%
Percentage of total fund’s costs to the fund's total assets
3 Months ending 31/12/2022 Distribution period
SAR
11,046,600
Total profit distributed61,370,000 UNIT The number of existing units for which distributions have
been made
SAR 0.18 The value of the profit distributed for each unit
2.2%
The percentage of distribution from the net asset value of the Fund
20/03/2023
Corresponding to 28/08/1444 Eligibility for cash dividends distributed
Page 7 of 7
Quarterly Statement – 30 June 2023
12. The Fund manager’s investment in the fund’s unit as of 30/06/2023
61,370,000 UNIT Issued Units
351,819 UNIT Fund manager’s investment in the fund’s
0.57%
Percentage of investments%
